Monitoring Agency Report for the quarter ended March 31, 2025
DOMS · price
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DOMS Industries has submitted the CRISIL Ratings Monitoring Agency Report on the use of its IPO proceeds for the quarter ended March 31, 2025. The IPO (Dec 2023) raised a total of Rs 1,200 crore, of which Rs 331.58 crore was the net fresh issue to be deployed across two objects — Rs 280 crore for part-financing a new manufacturing project and Rs 51.58 crore for general corporate purposes. As of March 31, 2025, Rs 165.07 crore has been utilized (Rs 113.88 crore on the project, Rs 51.13 crore on GCP), leaving Rs 166.57 crore unutilized, which is parked in fixed deposits with HDFC Bank, Axis Bank and Bank of Baroda earning interest between 5.75% and 7.75%. The report confirms no deviation from stated objects, though the project is running slightly behind schedule due to delayed building plan approvals, late contractor finalisation, and unfavorable weather during June–September 2024. Management says construction is now in progress and expects to catch up to the originally projected timeline.
The delay in project execution is a mild negative, but the absence of any deviation from the stated use of funds and the fact that idle proceeds are earning solid interest income should reassure investors. Shareholders should watch whether the company actually meets its revised project milestones in the coming quarters.